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According to the liquidity preference model, if the Federal Reserve increases the money supply, the equilibrium interest rate _____, and this leads to a(n) _____ in the quantity demanded of nonmonetary interest-bearing financial assets.
Snob Effect
Negative network externality in which a consumer wishes to own an exclusive or unique good.
Bandwagon Effect
Positive network externality in which a consumer wishes to possess a good in part because others do.
Network Externalities
Benefits or detriments to a product's value that result from the number of users the product has.
Negative Network Externalities
Adverse effects on a user of a product or service because the number of other users is too large or incompatible in some way.
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